Jun 24 Shareholder Access to Corporate Ballot Protected

Earlier, I laid out the facts of "proxy access" and its current status in House-Senate negotiations on financial reform, and I called out the reactionary group PCCC for focusing their fire on the White House without knowing all the facts and instead of devoting resources to persuade Congress.

News is now breaking that House and the Senate conferees have reached a deal that essentially protects shareholder access to corporate ballots to challenge insider Board candidates, rejects Chris Dodd's ill-founded attempt to impose a 5% ownership threshold, and gives SEC the ability to exempt small publicly held companies.

After some more back-and-forth discussion Thursday night, House and Senate negotiators agreed to go back to where they started, leaving it to the SEC to decide what ownership requirements shareholders must meet to gain proxy access.

Maybe the ironically named "Progressive Change Campaign Committee" can now stop it's knee-jerk freak-out? Nah, who am I kidding?